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BOI Home Loan Interest Rate 2023?: घर बनाने के लिए लेना है होम लोन तो यही से जान लो पूरी जानकारी

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BOI Home Loan Interest rate in 2023: Bank of India, established on September 7, 1906, by a consortium of distinguished entrepreneurs from Mumbai, was privately owned and managed until July 1969 when it was nationalized along with 13 other banks. Bank of India provides the BOI Star Home Loan. In this article, we offer comprehensive details about the BOI Home Loan, including eligibility criteria, BOI Home Loan interest rates, and the necessary documents for BOI Home Loan application. For a detailed insight into BOI Star Home Loan, please refer to the information below.

BOI Home Loan 2023

Bank of India offers a range of home loan products, including the “Bank of India Star Home Loan.” To learn more about the key features of BOI Star Home Loan, please review the details below.

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  • Offers loans for various purposes, including plot purchase, house/flat purchase or construction, renovation, repair, alteration, or addition to a house/flat.
  • Maximum loan amount: Rs. 500 lacs.
  • Repayment period of up to 30 years with reasonable margin and minimal processing charges.
  • No commitment or administrative charges.
  • Competitive interest rates in the industry.
  • Flexibility to choose different EMI amounts for different periods during the loan tenure to align with the customer’s repayment capacity.
  • Prepayment of the loan is allowed with no charges under the floating rate option.
  • Interest calculated on a daily balance basis, resulting in lower interest costs for the customer.
  • Loans available for NRIs and Persons of Indian Origin.
  • Simplified application forms and procedures for customer convenience, with quick approval.
  • Free Personal Accident Insurance cover, renewed at the bank’s discretion.
  • Optional Life Insurance Cover for loan protection.
  • Customers are encouraged to visit their nearest branch to secure a loan and realize their dream of owning a home.
BOI Home Loan Interest
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Eligibility For BOI Home Loan

  • Eligible applicants include salaried employees, professionals, and self-employed individuals.
  • Requests are also accepted from NRIs, PIOs, HUF, Proprietorship firms, Partnership firms, and corporate entities.

Reasons for applying for a Bank of India (BOI) Home Loan

Before visiting a Bank of India branch, it’s important to determine the purpose for which you intend to take a loan. Bank of India offers home loans for the following purposes:

  • Acquisition or construction of a house or flat
  • Renovation, extension, or repair of an existing house or flat
  • Purchase of a plot of land for house construction
  • Takeover of an existing home loan from other banks or financial institutions, subject to specific conditions.

Loan Amount Eligibility

For the construction or purchase of a house or flat, the loan amount can be up to Rs. 300 Lacs, and up to Rs. 500 Lacs in major metropolitan areas such as Mumbai, Kolkata, New Delhi, and Chennai.

  • Repairs/renovation/extension to house/flat –Rs.50 lacs
  • Purchase of a plot – Rs.300 lacs
  • Loan for purchase of household articles along with home Loan for furnishing the house/flat @15% of Home Loan amount Max. Rs. 5.00 lac is offered under Secured Personal Loan with same Rate of Interest as applicable under Home Loan with maximum repayment period of 10 years including moratorium period, if any.
  • Loan for installation of Solar PVs at Home Loan ROI, as per limit fixed by the Bank
  • Note: Minimum Home Loan :- For Metro/Urban Centers :-Rs.

Processing Fees for Bank of India (BOI) Home Loans

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Star Home Loan, Star Smart Home Loan, and Star Pravasi Home Loan:

For Individual Applicants –

For all loan amounts:

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  • 0.25% of the loan amount
  • Minimum Rs. 1,000/-
  • Maximum Rs. 20,000/-

For Partnership Firms and Corporates:

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The processing charges shall be twice the amount applicable to individual applicants.

For Rural Areas:

Processing charges will be 75% of those applicable to individuals for loans obtained by borrowers from rural branches.

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Regarding the Star Diamond Home Loan:

A one-time processing fee of Rs.50,000, or the maximum amount as per the Star Home Loan Scheme, whichever is higher, will be applied.

Read Also: SBI Home Loan Documents: जाने Eligibility Criteria, Interest Rate क्या है? यही से करे आवेदन

BOI Home Loan Interest Rate 2023?

Below, we furnish comprehensive information regarding Bank of India Home Loan Interest Rates.

Bank of India Home Loan Interest Rates

Loan AmountBank Of India Repo Rate Home Loan Rate
Up to ₹50 Lakh6.85%
₹50 Lakh – ₹1 Cr6.85%
₹1 Cr – ₹3 Cr6.85%
Above ₹3 Cr6.85%


BOI Home Loan Interest Rates

ParticularsRate of Interest
Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan/Star Diamond Home LoanFor Women: 1 Year MCLR + 0.15%
For Others: 1 Year MCLR + 0.20%

MCLR (Marginal Cost of Funds Based Lending Rate) –

MCLR effective from May 10, 2020

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MCLR Rates

Sl. NoTenor wise MCLRRate effective from 10.05.2020
1Overnight MCLR8.20%
21 Month MCLR8.30%
33 Months MCLR8.45%
46 Months MCLR8.55%
51 Year MCLR8.70%

Unique Features of Bank of India (BOI) Home Loan

  • Free Personal Accident Insurance cover for the borrower, including coverage for accidental death and permanent total disablement. The coverage is based on the terms of the insurance policy, and it applies to the loan outstanding as of the accident date. Renewal is at the discretion of the Bank.
  • Life Insurance cover is available to housing loan borrowers at an affordable premium. It provides protection against the risk of death during the loan tenure and is offered under a Group Insurance Scheme in collaboration with Star Union Dai-Ichi Insurance Co. Ltd. The expenses are borne by the borrower as an option.
  • Loan for home furnishing is available at an interest rate as applicable to the housing loan under the scheme.
  • Loan for the installation of Solar PVs is offered at the same rate of interest as the home loan.
  • These benefits are provided to borrowers for their convenience and protection.

Additional Appealing Aspects of Bank of India Home Loan

  • Bank of India calculates interest on a daily reducing balance basis.
  • Floating rate loans do not have pre-payment charges.
  • Bank of India offers the flexibility of step-up or step-down EMIs.
  • Notional rental income is considered in the case of a second house and for employees staying in staff quarters.
  • Income of close relatives can be included to enhance the loan amount, with the option to add applicants.
  • Home loan repayments can offer tax benefits on both interest and installments.
  • Bank of India provides the facility for 100% loan regardless of the construction stage or a bridge loan, subject to certain conditions.

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